Download a complete version unless you already have Qt Libraries installed on your system (Qt SDK installed in home folder doesn't count).
To check if you have Qt Libraries installed, do which qmake and if it's in /usr/bin/qmake you're good to go. Also the version should match.

Minimal Version

Minimal version only includes compiled and linked PyQt libraries, which are linked against Qt libraries. You need to install Python, Qt Libraries and then install them. They enforce checks on both before performing an installation.

You also need Python. Download 2.7.x from official Python website. Download the version which contains both 32 bit and 64 bit version for PyQt to work. Current version is built upon Python 32/64 version 2.7.3.

That's all. After having those two, download the setup and run it. After it finishes, a sample application will run using PyQt. It's a window with some text on it. If it worked, you're good to go. If it didn't, file an issue here.

Any chance for a Python 3 version? I've just compiled it and it went through without a problem, so it's a matter of packaging it... unfortunately I've switched to OSX only a week ago, so my knowledge is quite limited.